Why income tax return call "return" not income tax deposit/income tax payment???
plz reply me frnds
Mayank Agrawal (student) (136 Points)
06 April 2010Why income tax return call "return" not income tax deposit/income tax payment???
plz reply me frnds
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 06 April 2010
Basically the reason behind such statement to be called as "return" because in such statement we showed to the income tax department income & sources of income in the prescribed format as well as deduction from such income too. Income tax deposit /Income tax payment differs from return in one aspect.
Income tax payment showed payment of taxes whereas "return" shows statement of income.
keep smiling....
regards,
ratan
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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